MonaVie Faces Foreclosure After Loan Default
MonaVie Chariman and CEO Mauricio Bellora told shareholders on Wednesday that MonaVie was in default on the note and the board of directors intended to agree to a "strict foreclosure", transfering virtually all of the company's assets to Jeunesse.
Bankers Trust of South Dakota, which is the trustee of MonaVie's employee stock ownership program (ESOP), asked the court for a temporary restraining order halting the foreclosure until it has the opportunity to review documents related to the deal. The ESOP is a major shareholder in MonaVie, and the foreclosure would make it worthless. On Monday, U.S. District Judge Bruce Jenkins granted the request. The temporary restraining order will remain in effect until May 29.
Related News
-
MonaVie Records 500th Commission Week
South Jordan, Utah - August 01, 2014 -- This week marks a significant milestone for direct selling company MonaVie, who completes its 500th week of paying commissions to its independent distributor sales force. Commissions paid since the company was founded in January 2005 total $1,405,954,677.06.MonaVie Receives Utah Genius Award
Salt Lake City, Utah, April 15, 2014 -- MonaVie received top honors at the 2014 Utah Genius Awards for their innovation in trademark earlier this month at the Little America Hotel. Bateman IP Law Group and KSL presented the award to MonaVie Vice President of Communications Brian Gill.Utah Genius ... Read More...MonaVie Launches 15 Additional European Markets
MonaVie now open in a total of 25 European countries. Salt Lake City, Utah - January 31, 2014 -- MonaVie announces the launch of its EuroConnect program, which brings the MonaVie products and opportunity to an additional 15 countries in Europe, for a total of 25 European countries. The new Eur... Read More...MonaVie and MORE Project Raise 73K During World Day of Giving
Salt Lake City, Utah, December 11, 2013 -- MonaVie and the MORE Project held the first annual World Day of Giving Saturday, November 30, 2013. Donors from 17 countries-Australia, Brazil, Canada, France, Germany, Hong Kong, Israel, Korea, Malaysia, Mexico, New Zealand, Poland, Portugal, Russia, Taiwa... Read More...
